emirates7 - The Sharjah Consultative Council (SCC) has approved a landmark bill introducing a corporate tax on extractive and non-extractive natural resources, marking the first legislation of its kind in the UAE.
The proposed law aims to regulate the taxation of companies involved in the extraction and utilization of natural resources, including mineral extraction and associated activities.
Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah's Finance Department, stated that the draft legislation is part of a broader initiative to enhance the emirate’s tax system. The goal is to ensure effective governance and compliance with regulatory standards.
The bill seeks to establish a robust legislative framework for economic activities related to natural resources. This framework is designed to boost public revenues, thereby supporting development projects across Sharjah.
The decision was made during the council's seventh meeting, held at its Sharjah headquarters as part of the second regular session of the eleventh legislative term. The meeting was chaired by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the SCC.
The proposed law aims to regulate the taxation of companies involved in the extraction and utilization of natural resources, including mineral extraction and associated activities.
Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah's Finance Department, stated that the draft legislation is part of a broader initiative to enhance the emirate’s tax system. The goal is to ensure effective governance and compliance with regulatory standards.
The bill seeks to establish a robust legislative framework for economic activities related to natural resources. This framework is designed to boost public revenues, thereby supporting development projects across Sharjah.
The decision was made during the council's seventh meeting, held at its Sharjah headquarters as part of the second regular session of the eleventh legislative term. The meeting was chaired by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the SCC.